The Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 was introduced into Federal Parliament on 21 June 2007.
It seeks to implement the recommendations contained in the Government's proposal paper Streamlining Prudential Regulation: Response to 'Rethinking Regulation'. The main aim of the Bill is to reduce regulatory burdens on business, especially by reducing regulatory overlap and inconsistencies between Acts governing different parts of the financial services industry. More particularly for compliance purposes, the Bill proposes:
- amending the breach reporting requirements in the prudential Acts (the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995 and the Superannuation Industry (Supervision) Act 1993) to include a test which is consistent with the significant breach test in section 912D of the Corporations Act 2001. In other words, breaches of some obligations under the prudential Acts will only have to be reported to APRA
